Monday, May 14, 2012

Seadrill (SDRL) Releases First Quarter 2012 Results

Consolidated revenues for SeaDrill in the first quarter of 2012 amounted to US $1,050 million as compared to US $1,059 million in the fourth quarter 2011. Operating profit for the quarter was US $456 million compared to US $436 million in the preceding quarter.

Net financial items for the quarter showed a gain of US $24 million compared to a loss of US $501 million in the previous quarter. The previous quarter included a US $463 million impairment charge on our 39.9 percent ownership in Archer. While this quarter includes a gain of US $91 million on derivative financial instruments compared to a gain of US$33 million in the previous quarter.

US $63 million of the gain is related to the sale of our holdings in Ensco plc. The rest is related to unrealized gains on currency forward contracts, total return swap arrangements and interest rate swaps. Income taxes for the first quarter were US $41 million unchanged from the fourth quarter. Net income for the quarter was US $439 million or basic earnings per share of US $0.89.